MARKET PROSPECTS

Hokitika Guardian, 2 July 1931, Page 5

MARKET PROSPECTS

SIR THOMAS WILFQRD ON EMPIRE TRADE. (WELLINGTON, June 30. In a private letter received here irom Sir Thomas Wilford, 'High Commissioner, the writer states: “The atmosphere here is gloomy. Though the bank rate is lower, it seems only to affect Government stocks; There is no confidence in the market, and a 'Stock Exchange seat', the price of which was £IBOO or thereabouts on January 1, 1929, can now be bought for about £250.

"Wool and butter buyers are buying from day to day, hoping that- perhaps prices may still go lower, and fearing to purchase ahead in case they might lose the advantage they would gain from still another drop in the price of our products. Competition from abroad is serious, though not in our lamb, for the standard of that is so high that no one else can yet reach it. Last year we prosecuted thirty butchers in different parts of England for selling (Argentine meat as that of New Zealand, and in each case got. a conviction. To show the quality of our article, nobody has yet tried to sell New Zealand meat as that of Argentine.

■‘AIN AWAKENING INTEREST.” "On the other side of the picture it hero is nil awakening interest in Empire. The man in the street is begin’ liing to wonder whether jt is possible that a form of protection might help him in the manufacture .of his own products for export. I am sure that while many fail to comprehend the meaning of the Empire as an economic unit, tlv > discussion on protect : on and free Hade is producing a better understanding. This is good for us. “The ■Midlands, long refusing to buy anything but Danish butter, is at last waking np, and only this morning 1 have evidence that my campaign there is producing tangible results. Mayors of 'towns are passing resolutions in favour of butter from New Zealand,: while my correspondent from Midland, towns and visits from merchants from the Midlands all show an awakened in-, terest

“I am very busy trying to do all I can to combat outside competition and insidious propaganda in favour of. foreign goods. The Empire 'Marketing .Board here is doing wonders. New Zealand is well sowed by a body of intelligent representatives who are working 'with heart and soul to help us all they can. We are particularly fortunate in the personnel of the men trusted, with the responsibilities here. “Our country stands well in the eyes of 'Great. Britain, and .no one need bei ashamed to claim himself a New Zealander. 1 feel that our mana is great, that it has really been earned, and that the chavaetjy which we have Must be upheld at ali costs. T impress upon all New Zealanders who come to me the importance of this viewpoint,"